5 Tips to Help You Manage Your Money

Are you scrounging for spare change by the end of the pay period, wondering, once again where did all the money go? Without a money management plan it’s easy to lose track of our spending and wind up in the red time and time again.

Here are a few of the best money management tips to get you started on working on your financial goals. Don’t think of it as restricting your spending instead think about how it will reduce your stress once you have a plan in place.

1. Account for all of your eating expenses

That bag of chips from the gas station on the way home, that pizza you had delivered, the ice cream while shopping…all of these seemingly little expenses add up fast. We all need to eat but don’t let it get out of control

• Start menu planning so that you aren’t tempted to go out to eat. Plan for snacks on the go and remember that you don’t have to eat at the movies or other events.

2. Keep a spending journal

For a month, write down everything you buy.  Don’t worry about obsessively reviewing it every day, but take the time to make it accurate.  You’ll find that there are plenty of unnecessary purchases you can eliminate from your budget without thinking twice.

• This is a great way to track your cash expenses, which includes all the times you stop for coffee, go out for lunch, or stop by the dry cleaners. Write down every penny spent and review it the end of each month. Look into budgeting software that can put this in a chart for you for easier analysis.

3. Pay Your Bills on Time

Of course everyone knows that you’re supposed to do this, but if you needed more motivated remember that missing your payments on your bills will make the late fees pile up.  This should also be a reminder to make sure that you return your library books or DVD rentals on time.

• Set up automatic bill payments and you’ll never have to worry about late fees again. Keep a calendar to remind you when you need to return things.

4. Cut out services you don’t use

One of the most common money-wasters is paying for services you really don’t need. For example, how many television channels do you really watch? Chances are good that there are a few dozen channels you simply never turn to.  If you can get rid of some of your programming, you just may find that you’ll have some extra cash at the end of the month.

• Call your telephone, television, and wireless phone companies and ask if your plan is the most cost effective. If you don’t use call waiting or text messaging, don’t pay for it.

5. Reduce Driving

Gas and parking are expensive so try alternate methods of transportation, especially for frequent or shorter trips. Get a bike, try the bus or train when you travel, or walk if you’re heading somewhere closer.  Take some time and really analyze where your gas money is going. Remember that you can get a discount on your insurance if you drive less frequently and driving short distances in stop and go traffic can really put wear and tear on your vehicle.

• If you can’t use public transportation to get to work, consider carpooling with someone else in your company. This reduces the wear and tear on your car and will save you gas money, especially if three or four people share the ride. Also try grouping your errands all at once so you can get it all done in one trip. Walk as much as possible, it will not only save you money but is a great exercise and mood booster, too.

Get Your Family Involved

Saving money and using these money saving tips will be easier if you have your whole family on board, supporting the effort together. After all, these are good money lessons to teach children of all ages. Talk to your spouse to make sure that they understand that you’re doing this for everyone’s future and brainstorm ideas together to make the most out of your money.

Don’t be intimidated with the idea of saving money. Just by implementing a few of these tips each month – and sticking with it – will help you keep more money in your bank account!

Nicole Spencer offers ghostwriting services and enjoys writing about health and wellness.

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